GBLI reports Q3 2024 results
GBLI hosted its Q3 2024 earnings call on Nov 7, 2024. Highlights:
- Gross premiums (excluding terminated products) increased 12% through 9 months, driven by 14% growth in Wholesale Commercial, InsurTech, and Assumed Reinsurance.
- Year-over-year growth for Wholesale Commercial, InsurTech, and Assumed Reinsurance in Q3 reached 23%.
- Specialty Products premiums (excluding terminated products) remained flat through 9 months.
- Catastrophe losses decreased 35% year-over-year; losses from hurricanes Helene and Milton estimated at $1.5M each.
- Operating expenses remain slightly elevated to maintain high service quality.
- Penn-America staff levels remain slightly below last year.
- Two-thirds of servers moved to the cloud; data storage transitioned to a cloud-based lakehouse.
- A new transactional system for Wholesale Commercial excess liability policies went live in September, with plans to expand by year-end.
- Wholesale Commercial revenue grew 7% to $186.9M, with underlying growth of 12% (including a 9% rate increase).
- InsurTech revenue grew 17% to $41.9M, with Vacant Express up 26% to $29.8M and Collectibles up 1% to $12.1M.
- Assumed Reinsurance revenue grew to $19.3M from $8.4M, supported by 7 new treaties.
- Specialty Products revenue increased slightly to $44.9M, with 2 new products contributing $1M in premiums. Four additional products are expected in the next 6–12 months.
“As we now approach the year-end and are updating our plans for next year, I will note that I just completed the end of my second year as the CEO of Global. The first 6 months of my tenure were very choppy as we repositioned the company as the smaller but much more focused E&S company. However, as a result for the subsequent 6 quarters have emerged, the decision to focus on areas where we can excel is really beginning to pay dividends. I’m thankful that I had both the support of the board to affect these changes and more importantly, the superb efforts of the managers and staff at GBLI. We’re all looking forward to 2025 and beyond as we enhance and implement both our tactical and strategic plan.” – CEO Jay Brown.
GBLI (Global Indemnity) is an AM Best “A” rated insurance group specializing in tailored insurance solutions for small to middle-market businesses. It operates five insurance entities—Diamond State, Penn-America, Penn-Patriot, Penn-Star, and United National—providing both admitted and non-admitted coverage across all 50 states and DC.
